Alkermes plc 's ( ALKS ) fourth quarter
of fiscal 2013 (ended Mar 31, 2013) adjusted earnings (including
stock-based compensation expense) of 21 cents per share compared
favorably to the year-ago loss of 13 cents per share. Results
in the reported quarter were aided by higher revenues and lower
operating expenses. The Zacks Consensus Estimate hinted at earnings
of 18 cents per share.ALKERMES INC (ALKS): Free Stock Analysis ReportALEXION PHARMA (ALXN): Free Stock Analysis
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Total revenue for the fourth quarter of fiscal 2013 jumped 25.2%
year over year to $163.4 million. The increase in total revenues
during the reported quarter was primarily driven by growth of the
company's key products. Revenues surpassed the Zacks Consensus
Estimate of $127 million.
For full year fiscal 2013, Alkermes' adjusted earnings came in at
49 cents per share, below the Zacks Consensus Estimate of 85 cents.
The company suffered a loss of approximately 36 cents in fiscal
Total revenue in fiscal 2013 jumped 48% year over year to $575.5
million. Revenues surpassed the Zacks Consensus Estimate of $535
million. We note that fiscal 2013 was the first full fiscal
year following Alkermes' purchase of Elan
Corporation 's ( ELN ) Elan Drug
Technologies (EDT) unit. The EDT unit was purchased in Sep
Fiscal 2013 Results
In fiscal 2013, Alkermes recorded $197 million (up 5.7% year over
year) of manufacturing and royalty revenues from its long-acting
atypical antipsychotic franchise comprising Risperdal Consta and
Invega Sustenna/Xeplion. These drugs are marketed by
Johnson & Johnson ( JNJ ).
Alkermes recorded manufacturing and royalty revenues of $65
million (up 164% year over year) in fiscal 2013 from Ampyra (EU
trade name: Fampyra). Alkermes earned royalty of $16.4 million on
revenues of type II diabetes treatment Bydureon.
Vivitrol, a legacy Alkermes product, performed well in fiscal
2013. Sales of the product climbed approximately 41% year over year
to $58.1 million.
During fiscal 2013, Alkermes also earned revenues from TriCor 145
($37.5 million) and Ritalin LA/Focalin XR franchise ($40.3 million)
and Verelan ($23.8 million). Reported total expenses were $493.7
million in fiscal 2013, up from the year-ago figure of $478.3
Apart from announcing earnings results, Alkermes announced a
change in its fiscal year-end from Mar 31 to Dec. 31. The company
provided its outlook for the 9-month period -- Apr 2013 to Dec
2013. The company expects adjusted earnings for the period to be in
the range of $0.61 - $0.75 per share. Revenues for the 9-month
period are projected in the range of $395 - $425 million.
Alkermes, a biopharmaceutical company, carries a Zacks Rank #2
(Buy). Alexion Pharmaceuticals ( ALXN ) is another
stock in the biopharma space, which carries a Zacks Rank #2.